MCX GOLD UPDATE

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MCX GOLD UPDATE

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Gold climbed on Monday to its highest in nearly three months as worries about the political landscape in the United States and Europe and a subdued dollar reinforced investor interest. Political uncertainty in the United States has been fuelled by President Donald Trump’s policies, the most controversial of which is a temporary ban on immigrants from seven mostly Muslim countries. A U.S. judge put a nationwide block on Trump’s order on Friday. Elections in the Netherlands, France and Germany this year are also adding to jitters. The initial euphoria of the Trump presidency seems to be fading and the elections in Europe are making people nervous. Since the start of the year we’ve seen the dollar consistently weaker, but physical demand from (top consumers) China and India is still weak and a negative for gold. China’s net gold imports in December, at 51.51 tonnes, were down 60 percent from December 2015. Meanwhile, gold demand in India fell 21.2 percent in 2016 from the previous year to 675.5 tonnes as new rules such as those forcing customers to disclose their tax codes for purchases above 200,000 rupees ($2,967) dampened demand. Geopolitical concerns will now be magnified by the Trump administration’s more aggressive tone in the foreign policy arena and trade will also remain a key flash point.

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